Chemical Bank Cuts Holdings in QUALCOMM, Inc. (QCOM)
Chemical Bank lowered its stake in QUALCOMM, Inc. (NASDAQ:QCOM) by 8.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,574 shares of the wireless technology company’s stock after selling 3,120 shares during the quarter. Chemical Bank’s holdings in QUALCOMM were worth $1,996,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Aristotle Capital Management LLC bought a new stake in shares of QUALCOMM in the first quarter worth $105,000. Squar Milner Financial Services LLC bought a new stake in shares of QUALCOMM in the second quarter worth $106,000. Institutional & Family Asset Management LLC bought a new stake in shares of QUALCOMM in the first quarter worth $121,000. Point72 Asia Hong Kong Ltd lifted its position in shares of QUALCOMM by 318.9% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,484 shares of the wireless technology company’s stock worth $138,000 after purchasing an additional 1,891 shares in the last quarter. Finally, Private Capital Group LLC lifted its position in shares of QUALCOMM by 83.2% in the first quarter. Private Capital Group LLC now owns 2,828 shares of the wireless technology company’s stock worth $157,000 after purchasing an additional 1,284 shares in the last quarter. 76.13% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:QCOM opened at $67.15 on Friday. QUALCOMM, Inc. has a one year low of $48.56 and a one year high of $69.28. The firm has a market capitalization of $97.77 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 1.97 and a beta of 1.57. The company has a debt-to-equity ratio of 0.67, a quick ratio of 2.62 and a current ratio of 2.73.
QUALCOMM declared that its board has approved a stock buyback plan on Wednesday, May 9th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the wireless technology company to repurchase up to 12.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 26th. Shareholders of record on Wednesday, September 5th will be issued a $0.62 dividend. The ex-dividend date of this dividend is Tuesday, September 4th. This represents a $2.48 annualized dividend and a dividend yield of 3.69%. QUALCOMM’s dividend payout ratio is currently 65.61%.
In related news, EVP Alexander H. Rogers sold 789 shares of the company’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $56.55, for a total value of $44,617.95. Following the transaction, the executive vice president now directly owns 7,998 shares in the company, valued at $452,286.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alexander H. Rogers sold 1,052 shares of the company’s stock in a transaction dated Tuesday, May 29th. The shares were sold at an average price of $59.55, for a total transaction of $62,646.60. Following the completion of the transaction, the executive vice president now owns 8,787 shares in the company, valued at $523,265.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,669 shares of company stock worth $159,760. Corporate insiders own 0.17% of the company’s stock.
A number of equities analysts recently weighed in on the stock. ValuEngine upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Tuesday, May 1st. Canaccord Genuity boosted their target price on shares of QUALCOMM from $75.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, July 26th. Summit Insights upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating in a report on Thursday, July 26th. Zacks Investment Research upgraded shares of QUALCOMM from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a report on Monday, July 30th. Finally, Rosenblatt Securities upgraded shares of QUALCOMM from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $56.00 to $70.00 in a report on Monday, August 20th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the company’s stock. QUALCOMM presently has an average rating of “Hold” and a consensus price target of $67.34.
QUALCOMM Incorporated designs, develops, manufactures, and markets digital communication products worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software based on code division multiple access (CDMA), orthogonal frequency division multiple access, and other technologies for use in wireless voice and data communications, networking, application processing, multimedia, and global positioning system products.
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